Deutsche Bank CEO gives up plans to become chairman

15 November 2011

Dr Josef Ackermann, Deutsche Bank’s chief executive officer (CEO), will no longer be standing for the role as chairman of the bank’s supervisory board in 2012.

The current CEO was expected to stand for the position once his term as CEO and chairman of the management board expired in May 2012 following the bank’s general meeting.

However, Paul Achleitner, German insurer Allianz SE's chief financial officer, has been nominated as chairman instead.

Dr Ackermann said: “The extremely challenging conditions on the international financial markets and in the political-regulatory environment demand my full attention as the chairman of the bank’s management board.

“This does not allow enough scope for the many talks with individual shareholders necessary to implement the original plan.”

The planned transition of the current CEO’s duties to Jurgen Fitschen and Anshu Jain will begin at the start of 2012 as previously announced, the bank’s statement explained.

Dr Ackermann’s decision arrives as prosecutors in Munich launched an investigation into whether he provided a false testimony in a law suit over the collapse of business man Leo Kirch’s operations in 2002.

By Jim Ottewill

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